The AIMS Investment Company is interested in estimating the average number of mutual funds its customers have in their portfolios.
a. based on the sample data, construct a 90% confidence interval estimate for the mean number of mutual funds for all their customers. Interpret this interval.
b. Suppose that the interval estimate that you computed in part a has a margin of error that is greater than Aims management wants. Discuss what options are open to Aims. What are the advantages and disadvantages of each option?
Estimating population values are given for AIMS Investment Company. A 90% confidence interval is constructed.